Greetings all,
I came across FIRE when I was about 20 in 2017. I remember working my retail job when a coworker in his late 30's challenged what I was doing with my $ since I was living at home. His response to me having it all in savings was investing. A deep dive and countless amounts charts, calculators, reading stories here, lead me to full maxing my 401k the next week as well as employee stock contribution, and never looking back.
First of all thank you, to everyone who contributes here, gives feedback, and criticism! I always thought of Reddit as sh*tpostville but it's nice to see some real world non promoted advice from time to time. Like many stories similar to mine, I had a fair share of good luck along the way. I wanted to make an acc and hop on here and share progress, timeline, and hopefully get some advice!
Asset breakdown:
- Roth 401k: 206k
- Taxable Brokerage: 125k
- Roth Ira: 32k
- Traditional IRA: $8600 (had to do this one year)
- Duplex Home Equity: 170k
- Bitcoin: 105k (36k vested)
- Cash: 55k (need to keep cash on-hand for the moment to run self employment payroll for the year soon)
Stock picks: Had 5-6 picks that lost 90%, and as well as a biotech that's a long game and so far a long loss, all those combined about 20k losses (I don't recommend picking stock!). Hit "big" on an oil stock that went from 73 cents to currently $15.50. Over half of my brokerage is Best Buy Stock. It's done well this year and 4% yield. But honestly I need someone to tell me to sell it (afraid I'm emotionally holding)
Story continued: I didn't go to college (switched states going into high school, then moved back my senior year which really threw me for a loop). Honestly, had no idea what I wanted to do with myself and picked up a summer job at Best Buy. Fell in love with working as many hours as I could and from there started saving $. My w2's started at about 40k and by the time I left after 7 years were about 80k, nothing crazy. The last 6 years effectively most my paycheck was deducted into 401k and ESP. Living at home until 24 definitely wasn't the most glorious thing but I truly believe it was the #1 contributor to saving (for any youngster reading this living at home)
Where I really had a breakthrough was around 2020. I purchased a home in 2020 (with a 3.5% down payment) right before everything went crazy (climate wise and housing wise). I was able to sell that home for 100k profit and bought my realtors brothers home for the same price I had bought the 1st home at. This allowed me flexibility and more importantly/bought time to allow me to keep investing. Late 2020 a neighbor of one of my best friends had left his finance job to do full time sports betting. I'm not a gambler (definitely contradicts FIRE lol) but anyone who leaves their job is gonna get my attention. Won't go on and on about the details but for myself, what started small turned into a lucrative side hustle that has lead to about 100k a year the last 4-5 years. I sold the 2nd home I had moved to for a break even (after a much better offer fell through smh) and purchased a Duplex as another investment tool.
This side hustle was requiring more and more time (especially since most sporting events are at night) and I decided to leave my Best Buy job earlier this year. It was tough as I felt it had given me everything (though like most jobs, it wasn't the same at the end). I currently have an S Corp that I run all income through and consider myself self employed I suppose (still don't like the vague sound of it lol). It's important to point out it's also tough no longer having provided benefits nor a "guaranteed" income. Curious if anyone else has gone through the same.
While working effectively 7 days a week for 12 hours (9-5 and then watching betting lines until midnight and all day on the weekends) was draining, I do feel like I'm leaving $ on the table no longer having a day job. After only knowing a set schedule all my life, it's been bittersweet so far. My gf (26) just moved in with me, she worked her way up the ranks from a entry pay to hotel gm pay of about currently 80k. I recently learned she has no debt but was slightly surprised she also has very little invested. I plan to challenge her to budget more than 3% for investing next year now she is no longer paying high rent. Her travel perks and having the freedom to do so have been amazing. Just this year have been to Spain, Jamaica, Puerto Rico, and doing Hawaii and Australia in the coming months, all for $50-80 a night rooms at resorts. It's made me feel less guilty about taking vacations!
Where I would appreciate advice-this next year I'm trying to focus more on living situation. I live in the cold midwest and am hoping the gf gets a hotel offer anywhere else. She had her own goal before we met to live in another state (she never has, I've lived in 5). I thought years ago with my side $ I would be buying a new property every couple years but honestly, I don't think real estate is the move for me as I can't repair anything lol and the constant fear of something going wrong with this 100 year old duplex has cost me sleep. Has anyone sized "down" and gone from single family to condo and liked it, regretted it. Or is moving to a LCOL area much more satisfying? Thank you all and let me know of any questions!
